Real estate boom in Kakinada

The district headquarters city of Kakinada, which earned the name as education hub for decades, is now in the forefront for smart city status. Three cities viz Kakinada, Vizag  and Tirupati have been listed by Union Urban Development Ministry among the 100 cities across the country. As per the guidelines, 20 cities will get this tag, every year basing on the merits of project report. In this aspect, the cities in the lists face stiff competition among themselves. 

Under this scenario, the wide publicity on smart city status by both government agencies as well as private parties including realtors created real estate boom in Kakinada and surrounding areas.  As per the details available, the Urban Development Ministry will provide Rs 100 crore to the selected cities under this category and the rest of the funds for development will have to be mobilised by the respective civic bodies under PPP programme.   A realtor and former Kakinada  Rural  Mandal Parishad president VY Dasu said that the price of one square yard  in Kakinada city has gone up to Rs 50,000 from the earlier Rs 30,000  - 35,000 after the extensive publicity on smart city status.

YSR Congress Party leader and former sarpanch of Turangi panchayat  in Kakinada city suburbs, Adduri Phanish Ravi Raj Kumar said that the sudden boom had promoted many relaters to opt for unauthorised sale of agriculture land as house plots without valid conventions in Kakinada rural particularly in Kovvur, Turangi and Ganganapalli villages.  Due to this sudden rush to purchase a piece of house site, the price of one square yard crossed Rs 15,000 from the earlier Rs 8,000 -10,000 in the areas he said. 

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